Algo Plus EA Review

If you are in the marker for an automated forex trading system, you may have considered the Algo Plus EA. This is a fully automated forex strategy that can trade multiple currency pairs and gold (XAU/USD) in the ever popular MetaTrader 4 (MT4) desktop platform. In this Algo Plus EA review, I will be taking a close look at how it works, along with the key features, pros/cons and most importantly, any real live verified results.

What is the Algo Plus EA?

The Algo Plus expert advisor is a trading robot that does all of the hard work on behalf of the user. It can analyse the charts it is attached to using a built-in trading algorithm. When the Algo Plus EA finds a trading signal according to the built-in strategy, it can then place and manage a trade.

Whilst this may sound like an attractive proposition for those who may not have the time or knowledge required to trade manually, there are some quite significant limitations to consider. Automated systems cannot account for certain price action that a human eye can see and they may not be aware of any fundamental factors that can have a significant impact on market movement.

This forex robot includes default settings that have already been optimised by the developer. In saying that, you are free to experiment and amend them if need be. Just make sure that you at the very least adjust the risk/lot size from the input settings according to your own preferences.

What is the Algo Plus EA strategy?

Looking over the historical statistics of the Algo Plus EA, it seems to target a reasonable small number of pips but does trade multiple currency pairs quite frequently. The currency pairs it has been develop for include the EUR/USD, GBP/JPY, GBP/USD, USD/CHF, USD/JPY. These can be considered major currency pairs which is good as it means there is usually ample trading volume and liquidity to present lots of opportunities. However, you do not need to trade all currency pairs, you can simply pick a few.

Algo Plus EA Features

  • Automated day trading strategy
  • Multiple currency pairs and gold (XAU/USD)
  • Can be used for prop firm challenges
  • Visible stop loss and take profit
  • Optional trailing stop loss
  • Custom set files provided
  • Custom indicators included
  • Free updates every couple of months
  • 7-day free trial available

Algo Plus EA Backtests

One of the first things I look for when choosing any forex robot, are the backtests. This can give us an idea of the historical performance of an automated system. The developer has only shared one Algo Plus EA backtest and it only covers a 2-year period. Granted, the results do look good and they are using tick data for 99% modelling quality, this single test is too limited in my opinion.

Ideally, I would want to see how good or bad the Algo Plus expert advisor has performed over many years of historical data to see how it survived different market conditions. The backtests also have a fixed spread of 0.2 pips which is just way too unrealistic. Forex spreads can more often than not be much higher than this which would have a significant impact on results. Especially with a trading strategy that targets just a few pips. Not to mention, the backtests do not account for commission fees or slippage, both of which can also have a big impact on performance.

I would like the developer to provide full Algo Plus EA backtests across all of the currency pairs that it trades and the gold pair. I would also like to see the tests conducted across at least 10 years of data with real variable spreads including commission and slippage. These are some of the best testing conditions that top forex robots such as the Forex Robotron EA use.

ALGO PLUS EA Backtests
ALGO PLUS EA Backtests

Algo Plus EA Results

If backtests are important, real verified results are even more so. Thankfully, the developer has been kind enough to share some Algo Plus EA results which have been verified by Myfxbook. They are running the expert advisor on a real account with Blueberry Markets who are a reputable forex broker from my experience. I must say that the results look decent although the drawdown could perhaps be improved. I would also like to see what lot sizes they are using to achieve these results to rule out any chance of this being a potentially dangerous martingale system.

Algo Plus EA Conclusion

Overall, I certainly see some potential with the Algo Plus expert advisor but I do feel like the developer could be more transparent in terms of the trading strategy used. Whilst we do have live verified results which have been running for a sustained period of time on a good broker, I would like to see better quality backtests over more historical data and with better testing conditions.

I hope you now have a better understanding of the software and if it is for you following on from my Algo Plus EA Review. Please feel free to take a look at my best forex robots for some alternative options. Just remember, it is always a good idea to try out any forex system on a demo account to begin with to see how things go and manage your expectations.

Algo Plus EA

Free Trial
5.3

Strategy

7.0/10

Backtesting

2.0/10

Results

7.0/10

Pros

  • Multiple currency pairs and gold trading
  • Customisable settings
  • Includes pre-set files
  • Free updates
  • Full support
  • Verified results
  • 2 year backtests
  • Free 7-day trial

Cons

  • Limited quality backtests
  • Strategy is not obvious
  • No guarantees on results
  • MetaTrader 4 platform only